Magna Entertainment, the owner of seven horse racing
tracks, said Monday that it lost $5.1M in the third quarter
of this year, or $0.06 per share, during a "seasonally slow"
quarter, according to Matt Hegarty of the DAILY RACING FORM,
who noted the loss was "nearly identical" to a $5.1M loss in
the year ago quarter. Third quarter revenues were $39.6M
this year, compared to $10.4M last year. Through the first
nine months of the FY, Magna has posted net income of $9.6M,
or $0.12 per share, compared with net income of $3.0M, or
$0.04 per share, for the same period in '99. Meanwhile,
Magna confirmed that COO David Mitchell "tendered his
resignation last month and will be replaced" by Magna Int'l
exec David Orr (DAILY RACING FORM, 11/15).
INT'L APPEAL: In Toronto, Tony Van Alphen reported that
Magna is "holding serious talks with other companies for the
rights to distribute broadcast signals from its racetracks
to viewers around the world." Magna President Mark Feldman
"underlined" that the company "considers the distribution of
race signals" in the U.S. and abroad an "important part of
its strategy" (TORONTO STAR, 11/15).
